Coal miner Peabody eyes Australia, Mongolia expansion
Coal miner Peabody Energy (BTU.N), rebuffed in a recent acquisition bid in Australia, still wants to expand Down Under to meet Asian demand and is also pursuing opportunities in Mongolia.
The press release is quoted as saying:
Peabody, which mines in most U.S. regions, expanded into Australia, the world’s largest coal exporter, by acquiring Excel Coal Ltd for about $1.3 billion in 2006. But last month, it was spurned by Macarthur Coal (MCC.AX), whose board turned down Peabody’s $3.5 billion bid.
Click here to access the entire press release
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Fri, Jun 25, 2010
Post by Mike Rodger, Coal Reporter